Is your sales incentive program Millennial friendly?

Millennials now make up over one third of the workforce and represent the largest portion of all workers. This is a major milestone we can’t afford to ignore. Millennials are no longer a small group of baby-faced professionals relegated to coffee runs; they are quickly becoming a central part of your team. To disregard their preferences and expectations means ignoring a valuable opportunity to retain and leverage top sales talent. Like nearly all generations before, Millennials bring a new paradigm that is shaping the way we all work. A Millennial-friendly sales incentive plan will drive the success of your company this year and decades beyond. Successful incentive programs can come in a variety of froms, but here are a few telltale signs to help you know when you’ve landed on a good one.

1. It doesn’t come in a box. While merchandise may still play a role, it cannot possibly carry an entire incentive strategy - it’s simply too static and transactional. Plus, the re-consumption factor is much higher with experiences than with tangible awards; your participants will have a renewed appreciation for the experience each time they look back on it. Including an experiential component will make your program more personal and most certainly memorable.
2. It is hashtag-worthy. You know you’ve got a compelling incentive if participants can’t wait to hit the “share” button. The quickest way to your participants’ social feeds is to offer something truly exclusive or once-in-a-lifetime. Think bucket list...and remember that everyone’s list might be a little different (see next point). Experiences that are highly vivid and hedonic in nature will be more easily remembered and tend to be favored long after the experience takes place.
3. It offers choice. For a generation that prides itself on individuality, doling out the same expensive watch to everyone simply won’t resonate. It’s no surprise that participants who have control over their reward are more likely to earn it. Rely on the behavioral economics principle of idiosyncratic fit, the notion that people like to be acknowledged as unique and tend to feel more valued when they are treated accordingly. Giving your participants options removes pressure to find the holy grail of rewards that will motivate everyone – as if such a thing exists!
4. There’s room for two. Your top performers’ achievements took a lot of hard work. This is a big – no, huge – deal for them. But as the saying goes, “Success is meaningless without someone to share it with.” Millennials are famous for their love of having shared experiences more than things. And earning a fun trip is more sociable than having a cash bonus added to your paycheck.

So, how’d you do? It might seem like a tall order but there are flexible solutions like Passion Pursuit to help you raise the bar. It’s a once-in-a-lifetime reward that includes a bucket-list type activity and a luxury concierge shopping experience. Best of all, each experience is tailored to participants’ personal interests.